Emre Yumlu 
Despite Switzerland’s increasing openness to cryptocurrencies, Swiss National Bank (SNB) President Martin Schlegel has rejected the idea of including Bitcoin in the central bank’s reserves. According to local reports, Schlegel argued that Bitcoin fails to meet essential requirements like stability, liquidity, and security.
In an interview with the Tamedia media group, Schlegel outlined three key reasons why cryptocurrencies should not be part of the SNB’s reserves. First, he highlighted the high volatility of digital assets, which makes them unsuitable for preserving long-term value.
“Our reserves must also be highly liquid so they can be deployed swiftly for monetary policy operations if necessary,” Schlegel noted. He further emphasized the security risks inherent to digital assets, pointing out: “Software-based systems are prone to bugs and vulnerabilities.”
Bitcoin Reserve Initiative Sparks Debate
Schlegel’s comments come as Switzerland faces an ongoing debate over a constitutional amendment aimed at reshaping the country’s financial strategy. Launched in December, the proposal suggests that the SNB should hold Bitcoin alongside gold in its reserves.
Entrepreneur Yves Bennaim, who leads the initiative, proposes that Bitcoin holdings be gradually accumulated from the central bank’s profits. The campaign now has 18 months to collect 100,000 signatures to qualify for a national referendum.
Switzerland Embraces Crypto, But SNB Stays Cautious
While many Swiss banks have begun offering customers cryptocurrency-related services, Schlegel still describes the asset class as a “niche phenomenon.” Speaking to Tamedia, he stated that currencies have always competed with each other and that the Swiss National Bank is “not concerned about competition from cryptocurrencies.”
Schlegel also reaffirmed the enduring strength of the Swiss franc in global markets.
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